LAVAL, Quebec, Jan. 9, 2017 (Canada NewsWire via COMTEX) -- Valeant Pharmaceuticals International, Inc. (nyse/tsx:VRX) ("Valeant" or the "Company") today announced that its affiliate has entered into a definitive agreement to sell all of the outstanding equity interests in Dendreon Pharmaceuticals, Inc. ("Dendreon") to the Sanpower Group Co., Ltd., one of the largest privately owned conglomerates in China. Under the terms of the transaction, Valeant will receive cash consideration of $819.9 million at completion.

Dendreon's first and only commercialized product is Provenge®, an autologous cellular immunotherapy (vaccine) for prostate cancer treatment approved by the FDA in April 2010.

"With this sale, we are better aligning our product portfolio with Valeant's new operating strategy by exiting the urological oncology business, which is one of our non-core assets," said Valeant CEO Joseph C. Papa. "We are pleased to take this step forward in our divestiture program and are continuing to evaluate transactions to simplify our business and strengthen our balance sheet."

Valeant will use proceeds from the sale of Dendreon to permanently repay term loan debt under its Senior Secured Credit Facility. The transaction is expected to close in the first half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals.

Centerview Partners served as financial advisor to Valeant and Hogan Lovells US LLP represented Valeant in connection with this transaction. DLA Piper LLP (US) and DLA Piper UK LLP acted as legal advisor to the Sanpower Group.

About Valeant

Valeant Pharmaceuticals International, Inc. (nyse/tsx:VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.

About Sanpower

Established in 1993, Sanpower Group has become one of the largest, privately-owned conglomerates in China. Headquartered in Nanjing, it offers a global platform for its five primary sector groups: Health & Wellness, Information Services, Consumer & Retail, Financial Services, and Real Estate. Sanpower Group has controlling stakes in more than 100 subsidiaries and has a 90,000-strong global workforce, including 30,000 based internationally. Sanpower Group currently generates over RMB 100 billion in revenue.

Source: http://www.marketwatch.com/story/valeant-to-sell-dendreon-to-sanpower-group-for-8199-million-in-cash-2017-01-09-22202400